Goldman Sachs, which defended Walt Disney from a hostile takeover this year, is jointly leading the initial public offering of rival studio DreamWorks Animation, co-founded by Jeffrey Katzenberg, ousted from Disney after a bitter row 10 years ago.

The $650m (€529m) IPO of the animations arm will see Goldman Sachs working alongside JP Morgan which has already forged close links with DreamWorks. JP Morgan helped the US film company raise $1bn from its extensive movie portfolio in a rare transaction using securitisation technology.